Buying a Foreclosure? Look at these Considerations 1st!
Look at buying a vacant house? Foreclosure homes can come at a really great bargain for you wallet but may turn out to be a huge unexpected headache! Now this depends on a variety of things, you might consider asking yourself these two important question, why has this house been lift empty? How long has this home been vacant? Below are a few tips you might want to take a second look at before making your final decision.
Home inspection result. Home inspectors and we regular John and Jane Doe do not have x-ray vision meaning we can’t assess the real condition of all wiring and plumbing inside walls. Sometime in vacant houses the utilities aren’t even turned on which really poses the question, do they even work? Having a home inspection is crucial in giving you a general overall condition of the home. Also make sure to find an inspector that will put a house to the test. A good inspector will test outlets, water flow, radon testing, ect. If he/she is only using their eyes you may want to get a second option.
Cover-ups. Former owners of a vacant property can try to cover up their reason for leaving the house. Serious problems like mold, electric or plumbing issue, and water damage can be covered if your not looking carefully. Look carefully for any fresh paint spots, new drywall, or anything looks suspicious. You never want to buy a house blind, make sure your looking for the signs of a cover up. Many vacant homes will also be subject to vandalism, this is another good question to consider asking the seller, inspector, or realtor when viewing a showing of the home.
Balancing values. Vacant homes are discounted which is most likely why you are looking at them versus a home with a current resident but sometimes under the surface they are not a bargain. How much of the home are you actually seeing? A simple repair like a new coat of paint or appliances can be a easy fix but having to replace an entire house’s plumbing or electrical could be devastating. How much of a deal are you really getting after a catastrophe like that? Buying a new home can be exciting but try stay realistic about what it will require in terms of financial investment. It’s much easier to budget for the worst case and have extra money to spend rather than have no money to spend because of a problem you overlooked.